Financial Literacy: Insurance

When we take the time to understand insurance and how it works, we take steps to safeguard our health and possessions, while also becoming more fiscally responsible and trustworthy.

Grade Level: 6-8

Character Skills

Trustworthiness

SEL Skills

Self-Management
Responsible Decision-Making

Academic Skills

Effective Problem-Solving
Diligent Learner

Definitions

Trustworthiness

Be honest. Don’t deceive, cheat, or steal.
Have integrity. Do what you say you’ll do.
Keep your promises.
Be loyal. Stand by your values.

Self-Management

Regulate emotions, attitudes, and actions, and manage negative emotions and impulses.

Responsible Decision-Making

Make decisions based on rationality, ethics, and effectiveness.

Effective Problem-Solving

Make rational, ethical, and effective decisions to find the best solutions to problems.

Diligent Learner

Exhibit a growth mindset and willingness to learn from mistakes.

Learn more about our character, SEL, and academic outcomes.

Share This Activity

This lesson is provided due to support from

Explore insurance with your students using the “Understanding Insurance” lesson from Wells Fargo’s Hands on Banking curriculum. This lesson is designed for middle school students, but it can be modified to meet the needs of high school students as well.

Materials/Preparation

“Understanding Insurance” lesson plan
- What’s the Best Policy? activity sheet
- Teaching Kids About Health Insurance family activity sheet
Pencils and paper

Discussion Prompts

How does insurance connect to being a trustworthy person?
Life and the expenses that come with it can be unpredictable. How can you be responsible to prepare for unexpected expenses? How does insurance relate to this responsibility?
How can you determine the right insurance coverage for yourself?
Why is it important to understand the different parts of your insurance plan?

Family Connection

Understanding how insurance works, while challenging at times, is important to being fiscally responsible and trustworthy. Talk with your child about the different things your family has insurance for, and the risks that come without having it. Give them examples of times that insurance helped you out or talk about situations where insurance is beneficial.

You can also work together on the “Teaching Kids about Health Insurance” worksheet to start a conversation about insurance.